Module 3: What is an NFT
Watch a 60 secs video if you don’t feel like reading.
Full Explanation
Now that you have a digital wallet, there are two different types of tokens you can hold in it:
As we mentioned before, your crypto currency is considered a fungible token, which fungible means it’s exchangeable, meaning if you lose the token, it can be replaced with another one which has the same value.
These fungible tokens can be used just like cash to hold on to as an asset or used to buy or sell things.
Non-Fungible Tokens are born out of fungible tokens, but are slightly different as they are unique and can’t be replaced. They can represent things that are virtual or can represent real-world items in the virtual world.
For DefiTroops and other platforms, NFT is the centerpiece of what is offered for users. Our NFTs are unique and allow users to purchase them with tokens, which the transaction is stored on the block chain.
Proceed to Module 4: Does an NFT Have Value?